DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1999 AND DECEMBER 31, 1998
September 30, December 31,
1999 1998
ASSETS
CASH AND CASH EQUIVALENTS $ 583,119 $ 393,912
PROPERTY, Net 5,481,754 5,720,848
OTHER ASSETS 39,289 37,854
TOTAL $6,104,162 $6,152,614
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
LIABILITIES $ 302,512 $ 301,059
PARTNERS' EQUITY:
General Partners (31,649) (31,151)
Limited Partners 5,833,299 5,882,706
Total partners' equity 5,801,650 5,851,555
TOTAL $6,104,162 $6,152,614
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental Income $ 522,629 $ 508,021
Interest 1,536 5,689
Total revenues 524,165 513,710
EXPENSES:
Operating 245,840 239,303
General and administrative 28,450 25,787
Total expenses 274,290 265,090
INCOME BEFORE MINORITY INTEREST IN
INCOME OR REAL ESTATE JOINT VENTURES 249,875 248,620
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES (137,654) (132,154)
NET INCOME $ 112,221 $ 116,466
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 111,099 $ 115,301
General partners 1,122 1,165
TOTAL $ 112,221 $ 116,466
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 5.55 $ 5.77
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
REVENUES:
Rental Income $1,572,545 $1,468,059
Interest 4,626 14,018
Total revenues 1,577,171 1,482,077
EXPENSES:
Operating expenses 777,231 725,259
General and administrative 106,131 105,742
Total expenses 883,362 831,001
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 693,809 651,076
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURES (137,654) (132,154)
NET INCOME 556,155 518,922
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 550,593 513,733
General partners 5,562 5,189
TOTAL 556,155 518,922
NET INCOME PER LIMITED
PARTNERSHIP UNIT $27.53 $25.69
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT JANUARY 1, 1998 ($27,068) $6,286,983 $6,259,915
NET INCOME 5,189 513,733 518,922
DISTRIBUTIONS (6,060) (600,000) (606,060)
EQUITY AT SEPTEMBER 30, 1998 ($27,939) $6,200,716 $6,172,777
BALANCE AT JANUARY 1, 1999 ($31,151) $5,882,706 $5,851,555
NET INCOME 5,562 550,593 556,155
DISTRIBUTIONS (6,060) (600,000) (606,060)
BALANCE AT SEPTEMBER 30, 1999 ($31,649) $5,833,299 $5,801,650
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
September 30, September 30,
1999 1998
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 556,155 $ 518,922
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation 239,094 239,094
Changes in assets and
liabilities:
Increase in other assets (1,435) (15,547)
Increase in liabilities 1,453 43,722
Net cash provided by
operating activities 795,267 786,191
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property and equipment 0 (16,887)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (606,060) (606,060)
NET INCREASE CASH AND
CASH EQUIVALENTS 189,207 163,244
CASH AND CASH EQUIVALENTS:
At beginning of period 393,912 500,351
At end of period $ 583,119 $ 663,595
See accompanying notes to financial statements(unaudited).
DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund XI (the "Partnership"), a limited partnership, has
three general partners (DSI Properties, Inc., Robert J. Conway and
Joseph W. Conway) and limited partners owning 20,000 limited partnership
units. The Partnership was formed under the California Uniform Limited
Partnership Act for the primary purpose of acquiring and operating real
estate.
The accompanying financial information as of September 30, 1999, and for the
periods ended September 30, 1999, and 1998 is unaudited. Such financial
information includes all adjustments which are considered necessary by
the Partnership's management for a fair presentation of the results for
the periods indicated.
2. PROPERTY
As of September 30, 1999, the Partnership has purchased a 90% interest
in a mini-storage facility in Whittier, California; an 85% interest in
an existing mini-storage in Edgewater Park, New Jersey; a 90% interest
in an existing mini-storage facility in Bloomingdale, Illinois; and a
75% interest in an existing mini-storage in Sterling Heights, Michigan
from Dahn Corporation. The remaining percentages are owned by four
California Limited Partnerships, of which Dahn Corporation is the
General Partner.
As of September 30, 1999, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,474,340
Furniture and equipment 7,594
Total 8,376,184
Less: Accumulated Depreciation ( 2,894,430)
Property - Net $ 5,481,754
3. NET INCOME PER LIMITED PARTNERSHIP UNIT
Net income per limited partnership unit is calculated by dividing the
net income allocated to the limited partners by the number of limited
partnership units outstanding during the period.